Technology provider Xchanging and Deutsche Bank have launched a new technology platform, Netsett.
The platform provides global accounting and net settlement, using structured data to enable the exchange and settlement of accounting information automatically and efficiently.
As part of the platform, it facilitates the transfer of claims and premium data both within global insurance groups and between global cedents, brokers, and carriers, building upon the principles and benefits of the London insurance market.
Piloted in 2013 with RSA, Netsett was awarded full Association for Cooperative Operations Research and Development certification and is expected to address a $3 trillion global market.
The platform proved to increase RSA’s capital efficiency by 80 percent, streamlined operational efficiency by 50 percent and increased transparency and controls for users, resulting in a 0 percent reconciled cash or ledger items.
As well as financial benefits, Netsett provided access to enhanced management information, and greater control over regulatory risk and compliance.
In addition, a separate 2-accounting pilot between carriers and brokers utilising peer-to-peer technology and processes is underway.
Max Pell, managing director of Xchanging Insurance Services, said: “Netsett was developed using our experience of the London market and our unique partnership with Deutsche Bank. This combined investment allows us to address global issues and offer an innovative solution to a worldwide audience.”
“When we launched the Netsett pilot, we knew the offering had the potential to transform the insurance market. We are delighted with its success, and proud of the results that we have achieved.”
“This latest pilot is testament to the success of the proposition, and the confidence that our customers have in the service. We are pleased to be working with such respected names within the global insurance market.”
Michael Spiegel, global head of trade finance and cash management corporates, global transaction banking at Deutsche Bank, said: “As a leading provider of financial services solutions to the insurance industry, we were delighted to leverage our existing platform strength and renowned FX capabilities to bring the best resources to this collaboration with Xchanging.”
“This solution to industry-wide problems springs from our commitment to client-centric products and innovation, and will go on to provide transformational changes for the insurance sector on the strength of this partnership.”
